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Halifax Bank of Scotland is preparing a securitization of residential mortgage loans, a £3.74 billion prime U.K. RMBS deal notable because five of its 11 tranches have been pre-placed.

Accredited Home Lenders has stopped offering some riskier types of loans as the market for low-end mortgages is starting to sag. The San Diego-based mortgage lender also reported a fourth-quarter net loss as the number of delinquencies increased, and it was forced to buy back more problem loans. Accredited specializes in subprime mortgages that are offered to home buyers who fail to meet the strictest lending standards. Subprime lending has boomed in recent years as interest rates fell to record lows and housing prices soared. But after a series of rate increases and the stalling of the housing market, the subprime market plunged into crisis, as subprime borrowers have fallen behind on payments, which in turn has forced several lenders into bankruptcy.

Accredited Home Lenders has stopped offering some riskier types of loans as the market for low-end mortgages is starting to sag. The San Diego-based mortgage lender also reported a fourth-quarter net loss as the number of delinquencies increased, and it was forced to buy back more problem loans. Accredited specializes in subprime mortgages that are offered to home buyers who fail to meet the strictest lending standards. Subprime lending has boomed in recent years as interest rates fell to record lows and housing prices soared. But after a series of rate increases and the stalling of the housing market, the subprime market plunged into crisis, as subprime borrowers have fallen behind on payments, which in turn has forced several lenders into bankruptcy.

Paris based-Société Générale has launched Albatros, a long/short constant proportion portfolio insurance (CPPI) on asset backed securities (ABS) and corporate credit default swaps (CDS). Paris-based IXIS Asset Management is managing the deal.

Korean Air Lines (KAL) has closed a ¥40 billion ($331 million) passenger ticket receivables securitization, the largest airline future flow transaction in Asia to date.

PMI Mortgage Insurance has named a new senior v.p. within its structured transactions team. Jan Walker has been promoted from v.p. to senior v.p., structured transactions and structured product development. Walker joined PMI in 1995 as a product development manager, following stints in the secondary capital markets with First Nationwide Bank and North American Mortgage Company. “Structured transactions are a growing and increasingly important part of PMI’s U.S. business,” said Walker. PMI now intends on making some new hires in correlation with expanding its product offerings.

Le-Nature has steadily been climbing, trading in the mid 57 range, according to Markit.Damiler Chrysler's 8 1/2 '31 bonds tightened eight basis points and its five-year credit default swaps tightened five to six points after the auto producer announced it is cutting 13,000 jobs in a move already being called the "Valentine's Day Massacre."

Collateralized mortgage obligations are turning up as a sore spot in Securities and Exchange Commission inspections.

The American Securitization Forum has asked for clarification on a new State of New York Banking Department staff interpretation that could throw a wrench in the auto asset-backed securities market.

College Loan Corporation (CLC) has issued the first notes under its new master trust, CLC Loan Corporation Trust II.

AIG is said to be preparing a new structured investment vehicle called Nightingale.

HypoVereinsbank is preparing a wind farm securitization that will partly finance the sale of a portfolio of European wind farms to an unidentified third party, according to SparkSpread.